A new wealth centre has opened in Dubai to serve the rising number of high-net-worth individuals relocating to the UAE. The facility, located at a flagship Jumeirah branch, provides private meeting rooms, specialist advisers, and bespoke wealth management services. It also features an event space for investor education and networking opportunities.
“The UAE has become the world’s top destination for wealthy investors and entrepreneurs, attracting more net inflows of millionaires than any other country,” said Mohamed Al Marzooqi, chief executive of HSBC Bank Middle East.
Expanding wealth infrastructure
The opening marks the first dedicated wealth hub in the Middle East, forming part of a wider strategy to grow the International Wealth and Premier Banking business. The bank is making its largest regional investment in two decades, signalling strong confidence in the UAE’s position as a global financial hub.
“Our new wealth centre represents the first in a series of enhancements we are making to establish the UAE as a key wealth hub in our network,” said Dinesh Sharma, head of International Wealth and Premier Banking for the Middle East, North Africa and Türkiye. “We are investing in infrastructure, people and products to strengthen the business for the future.”
The facility also complements digital platforms, including a trading service that has recorded about $800 million in volumes during its first year. Together, these offerings give clients access to liquidity management, currency transactions, and asset allocation tools across multiple regions.
Surge in millionaire migration
The launch coincides with forecasts that around 9,800 new millionaires will move to the UAE in 2025, more than any other country. Their arrival is expected to add about $63 billion in private wealth to the economy.
This trend reflects a combination of factors: zero income and inheritance tax, the Golden Visa residency programme, political stability, and a reputation for safety in key cities. The government has also boosted appeal by encouraging investment in sectors such as autonomous vehicles, agrifood technology, and life sciences.
Executives emphasise that the profile of wealthy clients in the region is shifting. “We’re seeing a clear change: younger, more diverse, and more digitally minded,” Al Marzooqi said. “They’re interested in new-economy sectors, technology, and asset classes such as tokenised gold. HSBC is moving fast to meet that demand with innovative solutions that help them grow and protect their wealth with confidence.”
Globally, similar wealth hubs have been launched in markets including China, Hong Kong, Taiwan, the UK, Malaysia, and Mexico. The Middle East network reported $73 billion in assets at the end of 2024, underscoring the region’s growing importance to global wealth management.
